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Minnesota's State Economy is on a Upswing - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Minnesota's State Economy is on a Upswing

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Update: Friday, July 26:


Minnesota lawmakers are being told that the state's economy is on the upswing.

State budget officials testified to the Legislative Commission on Planning and Fiscal Policy that tax collections have far surpassed expectations and Minnesota is close to regaining the jobs it lost during the recession.

The state does still owe schools hundreds of millions of dollars in deferred payments but the excess tax revenue coming in now is dedicated to repaying those IOU's.

Meanwhile, party leaders are differing over the effect of a new state budget on property taxes. Republicans say they're headed up, but Democrats attribute it to new construction and say the burden on existing property owners is easing.

Thursday, July 25:

 

The Minnesota Legislature's most senior members are getting a rundown on how the state's economy is performing. 

Nine top House members and nine from the Senate were due to convene the Legislative Commission on Planning and Fiscal Policy on Thursday.

They were set to go over recent economic patterns, get a budget update and see other fiscal data. 

Minnesota's economy has been picking up and revenue has been flowing in faster than previously projected.

But state government still owes schools hundreds of millions of dollars in deferred payments and has other backlogs from prior budgets to address.

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